Construction spending edged up 0.2 percent in June as increases in private nonresidential construction outweighed continuing declines in private residential and public construction spending, the Associated General Contractors of America reported in an analysis of new Census Bureau data. The construction trade association's chief economist, Ken Simonson, predicted further imbalances in spending, with further cuts in public spending likely to offset most or all of the gains in private investment. “Private nonresidential construction is rebounding, thanks to renewed investments in power, manufacturing, and warehousing and distribution facilities,” Simonson said. “A small rise in homebuilding also helped overall spending rise for … Read more

WASHINGTON, D.C. — A multitude of factors are preventing a recovery for the beleaguered design and construction industry. Lenders that have been extremely reticent to finance construction projects, budget shortfalls at all levels of government, the ripple effect of overbuilding and rising costs of key construction commodities are all contributing to what projects to be a decline of 5.6% in spending this year for nonresidential construction projects. The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast, a survey of the nation's leading construction forecasters, also projects a 6.4% increase of spending in 2012. “Consumer and business confidence is poor … Read more